The Best Beer Company in a Better World - Anheuser-Busch InBev

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58 | Annual Report 2008 Financial Report Consolidated cash flow statement For the year ended 31 December Million euro 2008 2007 Operating activities Profit 2 099 3 048 Depreciation, amortization and impairment 1 311 1 030 Impairment losses on receivables, inventories and assets held for sale 101 49 Additions/(reversals) in provisions and employee benefits 387 136 Net finance cost 1 120 598 Loss/(gain) on sale of property, plant and equipment and intangible assets (39) (43) Loss/(gain) on sale of subsidiaries and associates (3) (354) Loss/(gain) on sale of assets held for sale (19) (12) Equity-settled share-based payment expense 42 53 Income tax expense 445 649 Other non-cash items included in the profit (8) 30 Share of result of associates (47) (1) Cash flow from operating activities before changes in working capital and use of provisions 5 389 5 183 Decrease/(increase) in trade and other receivables 136 (17) Decrease/(increase) in inventories (263) (69) Increase/(decrease) in trade and other payables 671 356 Pension contributions and use of provisions (332) (363) Cash generated from operations 5 601 5 090 Interest paid (660) (623) Interest received 86 44 Dividends received 1 1 Income tax paid (839) (448) Cash flow from operating activities 4 189 4 064 Investing activities Proceeds from sale of property, plant and equipment and of intangible assets 154 141 Proceeds from sale of associates 9 - Sale of subsidiaries, net of cash disposed of 32 422 Acquisition of subsidiaries, net of cash acquired (39 966) (190) Purchase of minority interests (575) (1 152) Acquisition of property, plant and equipment and of intangible assets (1 794) (1 581) Net proceeds/(acquisition) of other assets (26) 3 Net repayments/(payments) of loans granted 2 (1) Cash flow from investing activities (42 164) (2 358) Financing activities Net proceeds from the issue of share capital 6 337 84 Net purchase of treasury shares (539) (600) Net proceeds from borrowings 35 142 366 Cash net finance costs other than interests (427) (44) Payment of finance lease liabilities (4) (7) Dividends paid (2 088) (769) Cash flow from financing activities 38 421 (970) Net increase/(decrease) in cash and cash equivalents 446 736 Cash and cash equivalents less bank overdrafts at beginning of year 1 244 536 Effect of exchange rate fluctuations (130) (28) Cash and cash equivalents less bank overdrafts at end of year 1 560 1 244
Notes to the consolidated financial statements Financial Report Annual Report 2008 | 59 Corporate information 1 Statement of compliance 2 Summary of significant accounting policies 3 Estimates 4 Segment reporting 5 Acquisitions and disposals of subsidiaries 6 Other operating income/(expenses) 7 Non-recurring items 8 Payroll and related benefits 9 Additional information on operating expenses by nature 10 Finance cost and income 11 Income taxes 12 Property, plant and equipment 13 Goodwill 14 Intangible assets 15 Investment in associates 16 Investment securities 17 Deferred tax assets and liabilities 18 Inventories 19 Trade and other receivables 20 Cash and cash equivalents 21 Assets and liabilities held for sale 22 Changes in equity 23 Earnings per share 24 Interest-bearing loans and borrowings 25 Employee benefits 26 Share-based payments 27 Provisions 28 Trade and other payables 29 Risks arising from financial instruments 30 Operating leases 31 Collateral and contractual commitments for the acquisition of property, plant and equipment, loans to customers and other 32 Contingencies 33 Related parties 34 Events after the balance sheet date 35 AB InBev companies 36
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Our dream is to become The Best Bee
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Anheuser-Busch InBev is a publicly
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50% 40% 30% 20% 10% 04 05 06 07 07
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Global brands Multi-country brands
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The Net Debt to EBITDA ratio not on
Page 11 and 12: Success in China China is the large
Page 13 and 14: World-class efficiency World-class
Page 15: Business Service Center Excellence
Page 19 and 20: Fewer bigger bets We know focus wor
Page 21 and 22: Stella Artois Légère In 2008, we
Page 23 and 24: One of 2008’s key innovations was
Page 25 and 26: Chernigivske In the Ukraine, Cherni
Page 27 and 28: 14.3 12.6 2006 2007 2008 Volumes NA
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Page 34 and 35: 30 | Annual Report 2008 The People
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Page 44 and 45: * Source: TNS Custom Research, Inc.
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128 | Annual Report 2008 Corporate
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Contacts Registered office Anheuser
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